Yesterday, Thursday, the number of people in the U.S. applying for unemployment benefits suddenly surged to an eight-month high, causing U.S. Treasury yields to drop to nearly a one-month low. Now everyone believes the Federal Reserve may cut interest rates as early as September. Although it is highly likely that there will be no rate cut, if tonight's non-farm payrolls data surprises, everyone's views on interest rates could change significantly. The Federal Reserve's decision to cut rates depends on employment and inflation: A surge in unemployment + poor non-farm data indicates that the economy 'can’t hold on any longer.' Rate cuts need to be anticipated. Conversely, good data means the economy is 'robust,' pushing rate cut expectations further back. Meanwhile, Bitcoin, as a 'representative of risk assets,' fluctuates with market sentiment. Tonight is the 'moment of truth for bulls and bears.'